Lupin acquires German pharma company

Lupin acquires German pharma company

Wednesday, 30 July 2008, 07:00 Hrs
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Mumbai: Indian pharmaceutical major Lupin has acquired Hormosan, a German sales and marketing generics company, it announced here Wednesday.

In a regulatory statement, Lupin said the Euro 6.8 million ($10.6 million) German firm specialises in the supply of pharmaceutical products to treat ailments related to the central nervous system (CNS).

Hormosan develops, licenses and markets a range of generic drugs in Germany and complements Lupin's product portfolio for the CNS and cardiovascular therapeutic segments, the statement said.

Hormosan has created a strong brand identity in the German generics market through its strong patient compliance message, essential for patients within the CNS segment, Lupin said in the statement.

"This is in line with our mergers and acquisitions strategy to harness the potential of the leading global pharma markets," Lupin chairman Desh Bandhu Gupta said in the statement.

"This move establishes a bridgehead in Germany and is our first acquisition in the European market," he said.

For the year ended March 31, 2008, Lupin reported revenues of 27.73 billion ($694 million) and net profit of 4.08 billion ($102 million), the statement said.
Source: IANS
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